证监会发布！事关商业不动产REITs

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a draft announcement regarding the pilot launch of commercial real estate investment trusts (REITs) to promote high-quality development of the REITs market and enhance the capital market's service to the real economy [1] Summary by Sections Product Definition - Commercial real estate REITs are defined as closed-end publicly offered securities investment funds that hold commercial real estate to obtain stable cash flow and distribute profits to fund shareholders [2] Fund Registration and Management Requirements - The announcement outlines requirements for fund managers and custodians, due diligence, application materials, and responsibilities for active management by fund managers [2][3] Role of Fund Managers and Professional Institutions - Emphasis is placed on the responsibilities of fund managers and professional institutions to adhere to professional standards and regulatory requirements [2][4] Strengthening Regulatory Responsibilities - The announcement clarifies the roles of regulatory bodies in overseeing commercial real estate REITs and monitoring risks [3] Operational Responsibilities - Fund managers are required to actively manage commercial real estate in accordance with legal and contractual obligations [4] REITs Functionality and Market Development - The REITs market has developed steadily over five years, with 77 listed REITs raising 207 billion yuan and a total market value of 220.1 billion yuan as of November 27 [5] - The market has shown a 22.46% increase in the CSI REITs total return index since 2024, indicating REITs are becoming a significant asset class [5] - There is a substantial demand for revitalizing commercial real estate through REITs in China, leveraging international experiences while aligning with domestic conditions [5]